The 10 most expensive EVs and PHEVs to operate for 5 years
Electric vehicles might be an attractive alternative to gas models, especially as fuel prices rise. That said, EVs are generally more expensive to buy, and many can be costly to run, extending the period of time it takes to recoup the extra purchase costs in gas savings. MarketWatch Guides recently studied the running costs of several EVs, finding that some models are approaching gas vehicles’ operating costs.
MarketWatch considered purchase price, fuel/charging costs, insurance, and financing to calculate its list of the most expensive EVs to run. The Porsche Taycan was the most expensive over a five-year period, averaging $53,065 in running costs.
The 10 most expensive EVs to operate over 5 years:
Porsche Taycan: $53,065
Audi e-tron GT: $48,886
BMW iX: $45,076
Volvo XC90 Recharge: $42,897
Jeep Wrangler 4xe: $41,528
Chrysler Pacifica Hybrid: $33,836
Ford Mustang Mach-E: $28,505
Mini Cooper Electric Hardtop: $28,266
Ford Escape Plug-in Hybrid: $27,811
Toyota RAV4 Prime: $25,831
While some of the models on the list are plug-in hybrids and not fully electric, the rankings illustrate how difficult it can be to overcome high purchase prices with gasoline savings. Additionally, MarketWatch found that running the Porsche Taycan is only slightly less expensive than the Porsche Cayenne, a powerful SUV with performance gas powertrain options.
The Nissan Leaf was the cheapest EV to operate for five years. MarketWatch estimated that the car would cost just $18,509 over a five-year period, and the Hyundai Elantra Hybrid was second, with $20,735 in running costs. Financing and insurance were the two most significant costs associated with owning these EVs.
MarketWatch didn’t use depreciation to calculate running costs, but it did compare gas and electric vehicle value changes. EVs are more expensive up front but lose more on depreciation over five years, dropping an average of $16,430 compared to gas models’ $11,722.
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